WF Industrials vs. Energy & Power (Charlotte)
Can anyone speak to the Wells Fargo Industrials and Energy and Power groups, both in Charlotte? I have heard that Industrials is the best coverage group, but given the landscape in the Energy sector, I feel like this would be a good opportunity - is it worth choosing a better group or a group that might be more exciting? Is Industrials really that much better than Energy and Power?
WF energy is legit. Probably their only group where they compete directly against the BBs.
Not saying their other groups are bad at all but from what I understand, are more MM focused and don't have the same deal flow.
Agreed, for the most part. I'm very familiar with WF's Energy team in Houston, so if you have any specific questions feel free to PM me.
I'll say a few things about their Energy group. Midstream (i.e. pipelines, midstream, MLP's) is very strong. They've been a major underwriter on the capital markets side of the house for the biggest MLP names and because of that they get a lot of M&A ancillary business because of it, so if you're in that vertical you'll get some solid deal experience.
E&P is a bit different. It's kind of split into two parts. One is traditional IBD coverage that handles corporate M&A and capital markets, second is A&D which in E&P world is oil & gas reserve / acreage sales (technically this is an M&A function but given the transaction volume is much higher on the asset side it's got its own dedicated deal teams). WF A&D is really strong, I see them on deals all the time and you'll get a lot of reps. On the corporate M&A side, they don't seem to be the first call when an E&P company is looking to explore "alternatives".
Not saying they don't do those type of M&A deals, they do, but usually it's a GS, TPH, BarCap, Petrie, etc. With that said, banking M&A services are in high demand right now so I'd guess every bank in Houston is staying really busy right now.
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